About Pip My System

Pip My System Author Dude! So you've read just about everything you could possibly get your hands on about the Forex. Now you want to get your feet wet but aren't sure where to start. Well then this blog is for you! Follow along as I take a simple system and apply it to an unsimple market. If you're new to the blog you should read this first.

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May 2008

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Cowabunga System Daily Update: Wednesday, 05/21/08

Posted 16:39 21 May 2008 by Pip Surfer

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If this is your first time visiting this blog, read this first! 

Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

News events to watch for today :
  • 4:30am EST- UK MPC Meeting Minutes
  • 2:00pm EST- FOMC Meeting Minutes

Today's Surf

4:30am EST- There was a signal here but because it was a news candle, I did not enter.

11:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.9646 with a stop at the most recent swing low at 1.9610. Since I was only 4 pips away from the nearest 50 or 00 level (1.9646), I decided to go for the same amount of pips I was risking on the trade, which in this case was 36. This put my target at 1.9682.

Entry: Long at 1.9646
Stop: 1.9610
Initial Target: 1.9682

1:45pm EST- My target is hit. I know news is coming out at 2pm EST, and there wasn't a clean break, so I took my final profit. I exited at 1.9683.

entry2

Trade Result: +37 pips : R-Multiple: 1.02

News events to watch for Monday :
  • 4:30am EST- UK Retail Sales
  • 8:30am EST- US Unemployment Rate

For a complete list of news events check out our News Section

Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.
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Comments (8)

Hello. Two questions: "My target is hit. I know news is coming out at 2pm EST, and there wasn't a clean break, so I took my final profit. I exited at 1.9683." So if there would have been a clean break you would have kept the trade during the news. That doesn't make sense. 2: I don't know if you are aware of it, but posting trades without taking account the spread is misleading. Newbies come in here, they look at your system and see that it is profitable with 200 pips a month. What they don't know is that the kind of trades you do exists only in a dream world. Try finding a broker that allows you to trade with zero spread. A non dealing desk usually takes 4 pips on GPBUSD. "So what? 4 pips is nothing" maybe some people say. The cowabunga system generates 20 trades average per month. That's -80 pips you'll have to pay for. Every single month. Do you want to help newbies to have profitable trading? Well do it right then and present them a system based on rules from the real world.
gryat | Posted 16:54 21 May 2008
I agree with Gyrat I think this blog would be more useful if spread was included. Not only is this an extra cost but also some trades that apparently just make their target would fail with the added spread. The best I can find on a regular basis is about 3 pips which means a trade has to go 6 more pips to make its 1R profit target. My backtesting (and currently forward testing) show this to be a profitable method but misleading as presented nevertheless
tonymand | Posted 18:09 21 May 2008
A couple of things: gryat- News is coming, he's getting out..but if news wasn't coming, he would have been out because it didn't make a clean break. Those are all reasons he's out of the trade. PipSurfer: I had the cross at the 11:15 bar but it happened when the 11:30 bar opened!So I waited for the 11:45 bar to enter. Filled at 1.9657. My target was then 1.9700. Which fortunately got hit at the same 1:45 pm bar. 43 pips. :). If the cross happens on one after the open of the following bar do you eneter there or did I do the right thing? On another subject, how come the track record link hasn't been updated since april? Thanks for everything.
jsese | Posted 18:17 21 May 2008
OOOOps....I didn't realize it but I held my trade till after the news...lucky mistake I guess.
jsese | Posted 18:33 21 May 2008
I have noticed less consistency also. I got in at 9653. Are you getting in before the end of the 15 min candle. I am confused I used to be neck in neck with you. I have looked at a couple of charts and your entry doesn't seem right to me.
vbrown5897 | Posted 20:00 21 May 2008
As has been explained before spread is not taken account of because different brokers charge different spreads. I agree though it should be made clearer that spread has to be factored in so as to give a more accurate representation to newbies. The more worrying aspect to this system is the clean break theory. In my experience it is extremely difficult if not impossible to exit manually at your target while trying to determine if a clean break will occur. Due to the rarity of a clean break and the resulting slippage and pip loss is it not better just to place a limit at your initial target? I trade a variant of this system very successfully but enjoy pipsurfers input. This system teaches you the most important thing about trading..disipline. Trading is never always profitable. There is always losses and losing periods. I think this system is going through one now.
jsd1004 | Posted 03:05 22 May 2008
I agree with jsd1004 that the most important element of this blog is to teach discipline and to send you on a track which pip school or many of the other sites fail to provide you with. How do you calculate the R value?
hchomat | Posted 04:51 22 May 2008
jsd1004, I'm working a variant of this system as well and would love to talk to you about your changes. Please send me a message through the forum so I can get in contact with you. Thanks.
pips4profit | Posted 14:10 22 May 2008

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